NYSE: ESMT - EngageSmart, LLC

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 0.1217
CAGR EPS = 41.24%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.1217 * (1 + 41.24%) / (0.0458 * 2) = 1.88

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0512
Ebitda Yield = 0.1174
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.000497
Debt = 0.0318
Market Cap = 2.75
Weight Debt = Market Cap / (Market Cap + Debt) = 2.75 / (2.75 + 0.0318) = 0.9886
Weight Cost Debt = 100% - 0.9886 = 0.0114
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000497 / 0.0318) * (100% - 0.9886) * (1 - 0.21) + 0.0275 + 0.9886 = 1.25
Terminal Value = Discount (0.0512 * (1 + 0.1174) / (1.25 - 0.1174)) = 0.5126
Company Value = ∑ (0.0512 / (1 + 1.25) ^ 5) = 0.1995
Price = (Terminal Value + Company Value) / Count shares = (0.5126 + 0.1995) / 169170000 = 4.21

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.1993
FCF Yield = 0.3094
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.000497
Debt = 0.0318
Market Cap = 2.75
Weight Debt = Market Cap / (Market Cap + Debt) = 2.75 / (2.75 + 0.0318) = 0.9886
Weight Cost Debt = 100% - 0.9886 = 0.0114
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000497 / 0.0318) * (100% - 0.9886) * (1 - 0.21) + 0.0275 + 0.9886 = 1.25
Terminal Value = Discount (0.1993 * (1 + 0.3094) / (1.25 - 0.3094)) = 0.8259
Company Value = ∑ (0.1993 / (1 + 1.25) ^ 5) = 0.5976
Price = (Terminal Value + Company Value) / Count shares = (0.8259 + 0.5976) / 169170000 = 8.41